Trustees; settlement of accounts; notice and statements to beneficiaries; requirements. Provides that the beneficiary of a trust shall be deemed to have released a trustee and ratified all actions of a trustee for the administration of a trust if, when the trust terminates or the trustee ceases to serve, the trustee sends the beneficiary notice and the beneficiary does not object within 60 days after the trustee sent such notice. The bill also requires the trustee to provide to the beneficiary certain financial information related to the trust. This bill is identical to HB 678.

Statutes affected:
Senate: Prefiled and ordered printed; offered 01/10/24 24101324D: 64.2-800
Senate: Committee substitute printed 24106625D-S1: 64.2-800
Senate: Bill text as passed Senate and House (SB566ER): 64.2-800
Governor: Acts of Assembly Chapter text (CHAP0600): 64.2-800